Saturday, November 21, 2015

Yes, Millionaires Are Allowed to Live in Low Income Housing -- and Yes, It's Legal

Millionaires living in low-income housing? As difficult as it is to believe, this is exactly what is happening, and it's happening everywhere. But how? And why?Why millionaires are living in low-income housing

A local television station in Atlanta recently reported on a series of situations where people with incomes far beyond the restrictions to qualify for subsidized, low-income housing are, in fact, reaping the benefits of government assistance, even though they do not qualify.

A recent government audit found literally thousands of families across the country. Out of the 25,000 families who are taking advantage of low-income housing, 666 of those families live in Georgia.

The problem

The problem seems to lie in the fact that HUD requirements for low-income housing only stipulate that people qualify to get the housing. Once they are in the HUD system, however, they remain, even when their incomes grow well beyond the minimum wage limitations. According to a recent report, more than a half million poor families are sitting on a waiting list with the U.S. Department of Housing and Urban Development. They are being denied housing that they qualify for and desperately need, housing that is being taken by thousands of unqualified families.

Should a millionaire be paying only $300 a month for HUD housing? You decide.